Time is of the Essence

Time is of the Essence

If the contract does not have a time is of the essence provision and the party who is having trouble is making a good-faith effort to close, courts have allowed the contract to remain viable for a reasonable period of time after the designated date.

Consequently, buyers and sellers who are considering including a time is of the essence provision in the purchase contract should consult with their attorney to be sure they understand its full impact.

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This entry was posted on Friday, January 18th, 2008 at 6:00 am and is filed under Bond Issues, Politics, Public Libraries, Social, Tax Increases. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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